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According to the iterative conception of sets, standardly formalized by ZFC, there is no set of all sets. But why is there no set of all sets? A simple-minded, though unpopular, "minimal" explanation for why there is no set of all sets is that the supposition that there is contradicts some axioms of ZFC. In this paper, I first explain the core complaint against the minimal explanation, and then argue against the two main alternative answers to the guiding question. I conclude the paper by outlining a close alternative to the minimal explanation, the conception-based explanation, that avoids the core complaint against the minimal explanation.